20 November 2014

Eco World records RM3.18b sales, exceeds RM2b target

KUALA LUMPUR: Eco World Development Group Bhd (EcoWorld) recorded sales totalling RM3.18bil in the 13 months ended Oct 31, 2014 – exceeding its intial target of RM2b for its initial FY2014 target.

The company said on Thursday that of the RM3.18bil, a total of RM3.02bil was contributed by projects launched under EW Sdn Bhd. They are EcoSky, EcoMajestic, EcoBotanic, EcoSpring and Eco Business Park 1.

Its initial FY2014 target was RM2bil, which was set on a combined basis with projects launched under Eco World Development Sdn Bhd (EW Sdn Bhd).

The company had also changed its financial year-end from Sept 30 to Oct 31.

EcoWorldexplained that it was in the process of acquiring the development rights to all these projects under the corporate exercise announced in April this year.

The group will hold its EGM on Dec 12 to seek shareholders’ nod for this exercise.

For the 12 months ended Sept 30, 2014, the group recorded a revenue and profit before tax of RM112.4mil and RM9.3mil, respectively.

EcoWorld president & CEO Datuk Chang Khim Wah said 2014 has been a fantastic year for the group with all its launches well taken up.

In May this year, EcoWorld held a simultaneous launch of three residential developments — EcoMajestic in the Klang Valley, EcoSpring and EcoSummer in Iskandar Malaysia.

It also previewed its first business park called Eco Business Park 1 in the Tebrau Corridor.

“All four projects were extremely well received with EcoMajestic seeing take up rates of 95% on the launch day while EcoSpring and EcoSummer saw close to 80% take-up,” it said.

EcoMajestic launched several other phases with continued success. The project, which is in the Semenyih corridor, recorded RM753mil in sales and they comprised of terraced units, semidees and bungalow land.

EcoWorld’s flagship township development in the Klang Valley, EcoMajestic would unveil its all of its new sales gallery and show units on site by the end of November.

In Iskandar Malaysia, its EcoSpring and EcoSummer projects saw almost all of its units selling out at every launch.

“EcoWorld has five active projects in Iskandar Malaysia which have all performed exceedingly well. Sales from the group’s projects in Iskandar Malaysia alone totalled RM1.836bil,” it said.

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